New Delhi, March 9 (IANS). There has been a decrease of more than 25 percent in FY 2023-24 in the salary of startup founders in India. This information was given in a report.
The INC 42 report stated that in FY 24, the average salary of 54 Indian tech startups in FY 24 fell by 25.4 percent to Rs 5.44 crore on an annual basis, which was Rs 7.3 crore in the last financial year.
The report said that the reason for the decrease in the salary of the startup founders is slowing the funding. In FY 24, these founders jointly received a salary of Rs 291.5 crore.
Since 2022, the funding of startups began to decrease. The government abolished Angel tax in the budget presented in July 2024 to deal with it and help startups.
The report stated that the funding of startups is slow due to instability globally.
The total funding of Indian startups declined from $ 42 billion to $ 25 billion in 2021 to $ 25 billion and declined to just $ 10 billion in 2023. However, there has been a change in this trend in 2024.
The 30 startups included in the report recorded a total operation of Rs 73,715 crore in FY 24. Out of these, 11 startups had a total loss of Rs 4,876 crore, while the rest had registered a total profit of Rs 7,960 crore.
The report also ranked the ranking of the most salary of financial year 24.
Supam Maheshwari, the founder of Firstcray, was at the top with an annual salary of Rs 103.8 crore.
However, it was about 50 percent less than a salary of Rs 200.7 crore earned by him in FY 23, mentioned in the IPO documents of the first circulation.
Jirodha’s founders Nikhil and Nitin Kamat finished second in terms of salary. Nitin earned Rs 33.5 crore in FY 2024, which is 30 percent less than the previous year’s Rs 48 crore, while Nikhil’s salary was reduced from 29 percent to Rs 33.9 crore from FY 2023.
-IANS
ABS/